Wall Street experienced a quiet trading day on Monday, with the S&P 500 down 0.2%, ending its first losing week in three. The Dow Jones fell 307 points (0.6%), while the Nasdaq Composite was nearly flat. Semiconductors showed signs of recovery; Nvidia rose 0.2%, and AMD increased by 1.6% due to a new AI partnership with Microsoft. Despite this, concerns over high AI stock valuations persist.
AMC Entertainment surged 26.8% after exceeding revenue expectations for the quarter, while Domino’s Pizza rose 2.1% on strong earnings. Jersey Mike’s is planning an IPO priced at $21 to $25 per share. High inflation continues to weigh on consumer spending, with oil prices recently climbing over $89 per barrel amid geopolitical tensions in the Middle East.
U.S. Treasury yields have increased, influencing mortgage rates and putting further pressure on the stock market. The S&P 500 closed at 7,443.28, while major declines in companies like Warner Bros. Discovery contributed to broader losses. Asian and European markets showed mixed results, with South Korea’s index falling significantly due to volatility in AI stocks.
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